The US Treasury Secretary revealed that the United States may ease sanctions on Iranian oil to increase global supply amid the impact of the Middle East war, which has caused prices to rise sharply.
Fox Business News published an interview with US Treasury Secretary Scott Bessent on 19 Mar 2026 GMT+7, in which Bessent stated that the US may consider exempting Iranian oil sanctions while the government seeks ways to control rapidly rising energy prices.
Bessent pointed out that this move would affect about 140 million barrels of oil currently in maritime transit. Currently, global oil consumption is approximately 100 million barrels per day.
This measure is part of US efforts to increase oil supply in the market, including suspending sanctions on Russian oil and releasing 172 million barrels from strategic reserves into the global market. Previously, Bessent had noted that the US still allows Iranian oil tankers to pass despite ongoing conflicts.
The “sanctions relief” this time means allowing the previously restricted crude oil sales to Europe and other regions openly. This new oil flow will help quickly increase global supply at a time when many refineries and oil sources in the Persian Gulf region have been damaged by conflicts, affecting production.
However, it remains unclear how significantly this measure will impact oil prices.
When asked about concerns that the US might be financially supporting its enemies, Bessent responded that the US will “use Iranian oil to deal with Iran itself” by employing it to lower energy prices in the next 10 to 14 days.
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Source:bbc